asked
I received a death payout from Conseco Insurance Company from an insurance policy my late husband took out. Conseco dated the check Jan 1 2009, but sent me a 1099-R form dated 2008. I was told the 1099 had to be dated 2008 because the processing took place Dec 27th 2008, even though the check was dated Jan 1 2009 and received in 2009. Do I amend my 2008 return, or do I report this on my 2009 return and accompany it with a letter to the IRS showing a copy of the check along with the 2008 1099? Additionally, I want to write to the person in charge of client services at Conseco but do not know who it is. Please advise.
September 20th, 2023
I received a $10,000 relocation lump sum in February 2018 while still a resident of ND, but my company paid state taxes for the lump sum to CA even though I moved from ND to CA in March. Is this a mistake, or is this how it works?
June 11th, 2024
Is there a tax advantage to taking a guaranteed payment to reduce tax to 7% as a salary?
October 10th, 2023
I live with my parents and have earned income (21,000 a year) and a child living with me. Do I qualify for the Earned Income Credit (EIC)? I thought I read that if you do not provide the home for your child, you cannot qualify for EIC. My child and I live with my parents. I earn 21,000 a year. I claim my child as my dependent on my tax return. Am I also entitled to EIC? My thought was that since I am not providing a home for my child, I would not be eligible for it. I do spend my money for clothes, food, etc., for me and my child. Basically, all my parents provide is shelter.
April 19th, 2023
I live in Ohio and need advice on reporting offshore gambling winnings. The site does not report to the IRS, so I will be reporting myself. I am not a professional gambler and need to know how to report my winnings and losses. Total Losses = $-12,224.92, Total Winnings = $61,687.36, Net Win/Loss = $49,462.44. I also need to know if I need to report to Ohio State tax and an estimated amount of what I will owe when I file in the spring (both federal and state).
April 25th, 2023
We purchased a house for $125,000 and have put $50,000 into it in improvements. We have owned this house for less than a year. If we sell this house right now for $225,000, do we pay capital gains taxes on $50,000 or $100,000? We live in Wisconsin.
November 16th, 2024